Dolly Khanna bought 17,98,140 shares and Mukul Agrawal bought 25,00,000 shares of this multibagger small-cap stock; Company reports a 100 per cent jump in net profit!
The stock gave multibagger returns of 200 per cent in just 6 months whereas BSE Small-cap Index is up by 30.7 per cent.
India benchmark indices ended the day flattish, the Sensex Index closed up 0.05 per cent at 64,976 and the NSE Nifty-50 Index up 0.19 per cent to 19,444.
Mirroring the tepid market sentiment, the stock ended the day flat, slipping 0.73 per cent to Rs 162.4 per share. Its intraday trading range was Rs 170 at the high and Rs 161.05 at the low. The stock's 52-week high stands at Rs 202.65, while its 52-week low is Rs 47.35.
Results: According to the Quarterly Results, the net sales increased by 14.42 per cent to Rs 888.98 crore and the net profit increased by 102.8 per cent to Rs 89.43 crore in Q2FY24 compared to Q2FY23. According to the half-yearly results, the net sales increased by 13.74 per cent to Rs 1,902.26 crore and the net profit increased by 105 per cent to Rs 178.84 crore in H1FY24 compared to H1FY23. According to its annual results, the net sales decreased by 12.34 per cent to Rs 3,443.75 crore while net profit increased by 13 per cent to Rs 190.48 crore in FY23 compared to FY22.
Two well-known investors, Mukul Agarwal and Dolly Khanna, bought shares in the company in the September quarter (Q2FY24) wherein Mukul Agarwal bought 25,00,000 shares or 1.40 per cent stake in the company and Dolly Khanna bought 17,98,140 shares or 1 per cent stake in the company.
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
The stock name is Prakash Industries Ltd.
Prakash Industries Ltd is a diversified company engaged in the manufacturing and sale of steel products, including sponge iron, steel billets, ferro alloys, wire rods, HB wires, and TMT bars. The company has a market cap of over Rs 2,900 crore with a 3-year stock price CAGR of 54 per cent. The shares of the company have a PE of 11.1x whereas the industry PE is 20.8x.
The stock is trading at 0.80 times its book value of Rs 165 and the promoter holding has increased by 0.80 per cent over the last quarter. The stock gave multibagger returns of 200 per cent in just 6 months whereas BSE Small-Cap Index is up by 30.7 per cent.
Do you own Prakash Industries Ltd.’s stock in your portfolio? Do let us know in the comment section
Disclaimer: The article is for informational purposes only and not investment advice.